Ways to Reduce Your Motorcycle Premiums
Ways to Reduce Your Motorcycle PremiumsBuying insurance coverage for your motorcycle can be expensive as bikes present a higher risk than automobiles. They’re more susceptible to accidents caused by bad weather and poor road conditions. They are also less visible to other drivers, and less stable than cars. Want a competitive quote; contact us at
www.loudoun-insurance.com or at NOVA Insurance Group (tel: 703-263-7800). We're centrally located at the Chantilly (20151), Fairfax County / South Riding (20152), Loudoun County border.
In spite of this, you want to be sure you have sufficient coverage for your bike, because you‘ve likely invested a lot of money in it. To help you find the best coverage for the best rates, the Insurance Information Institute offers the following tips:
Get seasonal coverage - Most bikers aren’t road warriors who consistently ride their bikes all year long. If you store your bike for several months out of the year, there's no need to fully insure it. Many insurers offer seasonal policies that cover your bike for six to nine month periods of actual usage.
Take a motorcycle-safety course - Some states require these courses before they'll issue a motorcycle license. Even if your home state doesn’t require it, you may be eligible for a 10 to 15 percent discount on your policy for completing one. Before signing up for a program, it’s a good idea to contact your insurer. Some companies only recognize certain programs. If you've been riding for a while, you might be able to get a discount for taking a refresher course.
Increase deductibles - A deductible is the amount of money you have to pay before the coverage kicks in. The higher your deductible, the lower your premiums. When choosing a deductible, make sure you can afford to pay out-of-pocket for any costs that are incurred before your insurance kicks in.
Ask about multiple bike discounts - If you've got more than one bike, or live with someone else who rides, you can usually get a discount. Likewise, it might be worthwhile to insure your motorcycle with the same company that covers your car. Call us at NOVA Insurance Group (
www.south-riding-insurance.com) 703-263-7800.
Install anti-theft devices - If you financed your bike, you've probably taken out comprehensive coverage. Comprehensive protects against theft, fire, and other damages not caused by an accident. Some companies offer a discount on comprehensive coverage if you utilize an anti-theft device.
Maintain a good driving record - Insurance companies analyze your driving history to determine rates. How you drive a car usually indicates how you'll ride a motorcycle. If you've only recently obtained a driver's license, you might want to wait a year or two before getting a motorcycle. If you maintain a good driving record, your rates will be lower once you're considered an "experienced" driver.
Ride with a group - Membership in a motorcycle club, such as the American Motorcycle Association, BMW Motorcycle Owners of America, Harley Owners Group or Retreads can also save you some money on your the insurance premium.
Labels: Fairfax Insurance, fairfax-motorcycle-insurance, Loudoun Insurance, loudoun-motorcycle-insurance, South Riding Insurance 20152, south-riding-motorcycles
Young Adults and High Earners Have Greatest Risk for Identity Theft, Including Loudoun County Residents
According to Javelin Strategy & Research, which recently released its 2007 Identity Fraud Survey Report, young people and those earning more than $150,000 are the most likely victims of identity theft. Even in Loudoun & Fairfax counties, insurance claims are common for this kind of theft.
Young adults between the ages of 18 and 24 are at the greatest risk for identity fraud because they are the least likely to take safeguards such as shredding documents and using anti-virus software and firewalls. Over five percent of those surveyed in this age group reported having been victimized.
Of those who responded, more than seven percent with annual incomes above $150,000 said that they had been victims of identity theft. The researchers also found that this group is twice as likely to not use paper statements and bills. Instead, they opt for electronic bills, which is a method of preventing fraud. They are also 65 percent more likely to monitor their accounts online, which allows them to spot a fraudulent event before large amounts of money are lost.
The survey also revealed that Americans earning less than $15,000 are the least likely to be victims of identity fraud. Only 2.8 percent of those polled reported being victims. Here in Loudoun county areas of South Riding, Brambleton, Aldie, Arcola, Stone Ridge, Ashburn and Sterling, this would not be a relevant issue! However, this group takes the longest to discover fraud when it happens. It takes them on average 70 percent more time for them to detect a fraud than it does for higher income populations. These victims spent an average of 44 hours resolving the fraud. Lower income victims are also more than twice as likely to cut their overall spending, nearly three times more likely to not purchase merchandise online, and three times more likely to refuse to bank online.
Research showed that 500,000 fewer adults in the United States were victims of identity fraud in 2006 than in 2005. Only 3.7 percent of adults were victims in 2006, as compared to 4 percent in 2005. This is a continuation of the annual decrease in this type of crime that has been occurring since data was first collected in 2003. In that year, 4.7 percent of the adult population was victimized.
There has also been a significant reduction in the incidents of new account fraud reported in the past 12 months. This fraud happens when criminals use a victim's personal data to establish a new account. Such fraud dropped from 1.5 percent in 2006 to one percent in 2007. Additionally, when fraudulent accounts were opened, many victims caught it quicker because of the ability to view statements online. The average fraud amounts dropped from more than $10,000 in 2006 to $7,260 in 2007. Survey respondents said that resolution times had also improved significantly. It took 25 hours to resolve a fraudulent event in 2006, as compared with only 5 hours in 2007.
Labels: Loudoun Insurance
Loudoun Homeowners Insurance - Keep Track of What You Own with a Home Inventory
If you suddenly experienced a catastrophic incident where all of your possessions were destroyed, would you be able to remember everything you've accumulated over the years? Like most people, your answer is probably “no.” That’s why having an up-to-date home inventory is so important. It can help you settle your insurance claim faster, because it represents an accurate and immediate accounting of what you lost. A home inventory can also be used to determine if you have enough insurance to replace the items you own, as well as verify losses for your income tax return.
To help you create an accurate home inventory, the Ohio Insurance Institute offers the following guidelines:
· Use your wedding registries to document new possessions if you have just been married.
· Update your inventory regularly, adding new items when you buy them. Be sure to keep receipts and take photos.
· Take close-up shots of expensive items such as jewelry, fine art, stamp collections, china, furs, antiques and silver. Items, like artwork, antiques and collectibles may increase in value over time. They may require appraisals for authentication and value.
· Don’t forget to inventory the contents of closets, drawers, the basement, the garage and outbuildings.
· Include toys and CDs in your inventory.
· Copy the inventory onto a disk/CD and store it off-premises in a safety deposit box or at a friend or relative’s house.
· Be sure to delete items from your inventory when they are no longer in your possession.
· Update your inventory every few years, when you move, or when you make a major home improvement.
Home inventory software is available that allows you to add digital photographs of your items. If you only own a film camera, you can scan print photographs or have the film developer save the images to a disk. The software also allows you to scan in copies of your receipts.
Another way to create an inventory is with a video camera. Walk through your house or apartment videotaping the contents and describing the items as you go, including information like the make and model of home electronics and appliances, or the type of upholstery fabric used for expensive furniture. After a recent fire in the South Riding neighborhood of Loudoun County, the homeowner was able to produce such a video tape. You can do the same task using a tape recorder; however, be sure to have detailed photographs that serve as a backup to the verbal descriptions.
A third way to create a home inventory is to use a personal finance software package. These often include a homeowners room-by-room inventory program. In the tech-savvy neighborhoods of Loudoun County (South Riding, Brambleton, Ashburn, Sterling, Aldie, Arcola & Leesburg) and Fairfax County (Chantilly, Fairfax, Centreville, Clifton, Herndon and so forth), such softwares can often be searched on the web, and found at no cost.
Labels: Loudoun Insurance
Securing Homeowner’s Insurance Should Be a Priority for Loudoun and Fairfax Home Buyers
Your loan package has been approved, your closing date is just days away, everything you own has been packed, and all that remains is a quick call to your insurance agent to line up a homeowner’s policy. That’s when the nightmare starts.
Your agent informs you that your new home is uninsurable due to a history of insurance claims filed by the previous owner. Even though in Loudoun County areas of South Riding, Ashburn, Brambleton, and Stone Ridge, newer homes are typically found, we do have areas such as Leesburg, Sterling, Aldie and Arcola where older properties may pose this threat. In FAirfax County, similar situation arises; Chantilly, Fairfax, Springfield and Clifton, may have older properties, whereas Centreville & Reston may not. Despite home inspections and various required real estate disclosures, this could happen to you.
Obtaining Loudoun or Fairfax homeowner’s insurance used to be one of the last tasks a buyer performed before closing; now it should be one of the first.
Insurers always check a property’s claims history before issuing a policy. Water damage claims are red flags, of course, but homeowners can also set off alarms simply by inquiring about their coverage, without ever filing a claim.
Most insurers research past claims through a shared database called CLUE, which stands for Comprehensive Loss Underwriting Exchange. When you apply for homeowner’s insurance, the insurer will request a CLUE report to determine whether you or the seller have filed any claims during the past five years. Even if you currently own a home and have a squeaky-clean claims history, if you buy a house with multiple claims filed against it, you may not be able to secure insurance coverage.
Unfortunately, you can't order a CLUE report if you are not the homeowner. However, you could always ask the seller to order a copy of the report as a contingency to your offer.
If you are ever denied insurance because of past claims you can request a free copy of your CLUE report. In the event of a dispute with your insurer, you have the right to ask that your account of the events be included in the report. If you are simply curious about your home's history, you can order a copy from ChoicePoint, the company that manages the CLUE database.
It pays to educate yourself about homeowner’s insurance when seeking affordable coverage.
Consider the following:
Learn the rules regarding homeowner’s insurance renewals in your state. Regulators of some states exercise control over when an insurer can refuse to renew your coverage.
Pay for small losses yourself. Insurers take notice of customers submitting frequent small claims.
Think twice before calling your agent or insurance company. Once you call the insurer opens a claims file on you regardless of whether you actually file a claim.
Increase your deductible and consolidate insurers. To reduce your homeowner’s insurance premium, consider raising your deductible. Also, most insurers offer discounts if you insure both your car and home with them.
Examine your credit record. In addition to your past claims history, insurers often use your credit score to determine whether to issue you a policy.
Labels: Loudoun Insurance
